Energy stocks end mixed but sustain recent gains

Baker Hughes jumps nearly 8%, Chevron rises on upgrade

By

SteveGelsi

NEW YORK (MarketWatch) - Energy stocks ended mixed Friday despite an upgrade of Chevron, but the sector held on to much of its recent gains on a rise in natural gas futures.

Plowing to new highs for 2009 earlier this week, energy stocks struggled to find their footing. The sector caught strong volume from the broad market, with Friday bringing quadruple witching of expirations by equity futures and options contracts.

Natural gas futures rose 6% to end a big move of 27% on the upside this week.

Among movers in the energy sector, Chevron
CVX, -0.35%
rose 0.9% to $72.64. Analysts at Credit Suisse upgraded the stock to outperform and said the energy giant "looks best equipped of the majors to deliver growth over the cycle.

Natural gas shares have led the rally in energy stocks in recent days, playing off the perception that the natural gas business is returning to balance after big drilling cutbacks by producers. See Commodities Corner.

With its ending point of 1,048 on Friday, the NYSE Arca Oil Index
XOI, -0.28%
cemented a gain of 2.6% over its week-ago close of 1,021.

The NYSE Arca Natural Gas Index
XNG, -0.78%
ended at 506 on Friday, up 5% from 482 at the end of last week.

The Philadelphia Oil Service Index
OSX, +0.22%
finished Friday at 196, up about 6% from its close of 185 last Friday.

Crude oil futures Friday stayed firmly above $72 a barrel for a third day after brief dips below the level as traders took profits ahead of a three-day holiday in Japan. See Futures Movers.

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